Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
QVC is reporting a 14% increase in U.S. web sales for 2007 and 20% in the fourth quarter. Overall the web accounted for 23% of all U.S. sales in 2007.
QVC Inc. is reporting a 14% increase in U.S. web sales for 2007 and 20% in Q4.
In 2007, QVC’s U.S. web sales reached $1.14 billion from just over $1 billion in 2006. In Q4 the TV and Internet retailer’s e-commerce sales rose to $385.5 million from $320.8 million in the fourth quarter of 2006. Overall the web accounted for 23% of all U.S. sales in 2007 and 20% in the fourth quarter.
QVC’s domestic revenue increased 4% during the quarter to $1.67 billion and 5% for the year to $5.20 billion. The company’s total revenue, which includes international sales, increased 4.4% in the fourth quarter to $2.33 billion and 4.6% overall in 2007 to $7.39 billion.
“Despite a soft retail environment, domestic revenue showed modest improvement over third quarter results,” says Mike George, president and CEO of QVC, which is No. 14 in the Internet Retailer Top 500 Guide. “We remain short of our revenue and operating cash flow objectives for the business, but have maintained our pricing integrity, choosing not to discount to drive sales.”